version 16.0
clear all
set more off  

set mat 11000
set maxvar 11000 
capture log close 



use "firm_analysis.dta", clear



/* T6 Panel A AR mention */

/* I use areg here for getting accurate obs */
	
		
xi: areg ar_mention size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma i.fyear, absorb(ff12) cluster(gvkey)

xi: areg ar_mention size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(ff12) cluster(gvkey)

xi: areg ar_mention size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings cc_gd_mean_all lnnum_gd i.fyear, absorb(ff12) cluster(gvkey)

/* firm FE */
				
xi: areg ar_mention size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma i.fyear, absorb(gvkeyn) cluster(gvkey)

xi: areg ar_mention size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(gvkeyn) cluster(gvkey)

xi: areg ar_mention size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings cc_gd_mean_all lnnum_gd i.fyear, absorb(gvkeyn) cluster(gvkey)


/* T6 Panel B dimension mention */

xi: areg cul1 size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(ff12) cluster(gvkey)

xi: areg cul2 size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(ff12) cluster(gvkey)

xi: areg cul3 size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(ff12) cluster(gvkey)

xi: areg cul4 size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(ff12) cluster(gvkey)

xi: areg cul5 size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(ff12) cluster(gvkey)

xi: areg cul6 size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind ceo_cob lnpeople_change lnnum_ma strong_cc lnmeetings i.fyear, absorb(ff12) cluster(gvkey)



/* T7 Panel A divergence results */

/* types */

xi: areg types_eucl_div_report_call size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if year>2004, absorb(ff12) cluster(gvkey)

xi: areg types_eucl_div_report_rev size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if year>2008, absorb(ff12) cluster(gvkey)

/* causes */

xi: areg causes_eucl_div_report_call size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if year>2004, absorb(ff12) cluster(gvkey)

xi: areg causes_eucl_div_report_rev size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if year>2008, absorb(ff12) cluster(gvkey)

/* consequences */

xi: areg consequences_eucl_div_report_cal size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if year>2004, absorb(ff12) cluster(gvkey)

xi: areg consequences_eucl_div_report_rev size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if year>2008, absorb(ff12) cluster(gvkey)


/* T7 Panel B divergence at dimension level */

/* between report and call */

xi: areg cul1_report_call_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_call<. & year>2004, absorb(ff12) cluster(gvkey)

xi: areg cul2_report_call_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_call<. & year>2004, absorb(ff12) cluster(gvkey)

xi: areg cul3_report_call_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_call<. & year>2004, absorb(ff12) cluster(gvkey)

xi: areg cul4_report_call_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_call<. & year>2004, absorb(ff12) cluster(gvkey)

xi: areg cul5_report_call_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_call<. & year>2004, absorb(ff12) cluster(gvkey)

xi: areg cul6_report_call_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_call<. & year>2004, absorb(ff12) cluster(gvkey)

xi: areg tone_dif_report_call_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_call<. & year>2004, absorb(ff12) cluster(gvkey)


/* T7 Panel C between report and review */

xi: areg cul1_report_rev_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_rev<. & year>2008, absorb(ff12) cluster(gvkey)

xi: areg cul2_report_rev_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_rev<. & year>2008, absorb(ff12) cluster(gvkey)

xi: areg cul3_report_rev_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_rev<. & year>2008, absorb(ff12) cluster(gvkey)

xi: areg cul4_report_rev_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_rev<. & year>2008, absorb(ff12) cluster(gvkey)

xi: areg cul5_report_rev_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_rev<. & year>2008, absorb(ff12) cluster(gvkey)

xi: areg cul6_report_rev_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_rev<. & year>2008, absorb(ff12) cluster(gvkey)

xi: areg tone_dif_report_rev_3yr size lnfirm_age salegr roa leverage tangibility vol_roa_ann ownership_large boardind loss ceo_cob ceo_tenur lnceo_delta lnceo_vega close_retire lnmeetings i.fyear if types_eucl_div_report_rev<. & year>2008, absorb(ff12) cluster(gvkey)

